Coinbase, one of the most popular crypto exchanges, continues its expansion journey with the official launch of its Web3 wallet designed to facilitate transactional interactions for major institutions with Web3, DeFi, and NFTs.
Per Coinbase’s statement, this crypto wallet will rely on MPC tech to enable clients to store tokens from supported networks, access funds, interact with dApps and smart contracts, and tap into decentralized liquidity to trade a wide range of assets.
Moreover, this Web3 wallet will provide direct access to DeFi, allowing clients to buy, sell, mint, manage NFT collections, and operate Web3 social accounts.
Clients can access the wallet directly from their existing Prime account. The wallet can hold NFTs, DeFi, DAO, and crypto tokens from nine different networks and has a swap feature for trading over 33,000 tokens across six major chains.
A Game-Changer for Enterprises
In a move to redefine security and reporting for enterprises, the company developed the Coinbase Prime Web3 wallet tailored to the fundamental needs of institutional clients. Coinbase notes that this wallet can be integrated into enterprises’ existing workflows.
Arising from a need for unified and transparent reporting, the wallet was reportedly designed to keep the history of all activities, including the full detailed transaction descriptions, hence facilitating proper auditing.
According to Coinbase, the wallet allows clients to define efficient transaction processing and manage Web3 policies according to their organization’s security requirements.
For instance, enterprises can assign roles to users, with stipulations of the level of access allowed. Moreover, the Prime Web3 wallet can mirror the entity hierarchy the institutional client uses, making assigning roles even easier.
Major Focus on Security
Kevin Johnson, Vice President of Institutional Sales and Trading at Coinbase, remarked on the need for such a solution, stating:
“More and more, we’re seeing corporations who want to participate on-chain in some way, whether that’s by doing an NFT drop or, in some cases, even voting in DAOs. But they need a safe way to do that.”
As such, at the heart of this wallet, Coinbase claims to have implanted security, as it leverages the same security protocols as Coinbase Prime. For instance, this wallet has 2FA combined with a physical YubiKey, an additional layer of offline protection to provide clients with secure systems.
According to the statement, the wallet is also armed with intuitive risk controls, including approval alerts, compliance and security info alerts, and transaction preview features for warnings on transactions. The launch of this tool marks Coinbase’s continuous move deep into the DeFi realm.